When counties may issue bonds; amount

(A) The authorities of a county may issue general obligation bonds of the county to defray the cost of any authorized purpose and for any amount not exceeding its applicable constitutional debt limit, if: (1) the election required by this chapter as a condition precedent to the issuance of bonds is favorable; and (2) the bonds are issued within five years following the holding of the election. (B) Bonds issued pursuant to the provisions of this chapter may be issued in either a single issue or from time to time as several separate issues. (C) The five-year period required in (A)(2) of this section is tolled while litigation contesting the validity of the election is pending.